Managed
Volatility
Fund
Schedule
of
Investments
(Unaudited)
1
Showing
percentage
of
net
assets
as
of
March
31,
2021
bridgewayfunds.com
Industry
Company
Shares
Value
.
Common
Stocks
-
61.43%
Communication
Services
-
6.06%
Alphabet,
Inc.,
Class A*
260
$
536,255
Alphabet,
Inc.,
Class C*
260
537,844
AT&T,
Inc.#
2,240
67,805
Comcast
Corp.,
Class A#
600
32,466
Discovery,
Inc.,
Class C*
1,014
37,406
Facebook,
Inc.,
Class A*#
600
176,718
Omnicom
Group,
Inc.#
600
44,490
Verizon
Communications,
Inc.#
6,400
372,160
Walt
Disney
Co.
(The)*#
565
104,254
1,909,398
Consumer
Discretionary
-
7.16%
Amazon.com,
Inc.*#
400
1,237,632
AutoZone,
Inc.*
100
140,430
Dollar
General
Corp.
300
60,786
eBay,
Inc.#
500
30,620
Ford
Motor
Co.*
2,900
35,525
Hasbro,
Inc.
300
28,836
Lowe's
Cos.,
Inc.#
2,000
380,360
McDonald's
Corp.
300
67,242
NIKE,
Inc.,
Class B#
600
79,734
Ross
Stores,
Inc.
500
59,955
Starbucks
Corp.
400
43,708
Target
Corp.
300
59,421
Yum!
Brands,
Inc.
300
32,454
2,256,703
Consumer
Staples
-
4.05%
Archer-Daniels-Midland
Co.
400
22,800
Campbell
Soup
Co.#
1,300
65,351
Clorox
Co.
(The)#
1,400
270,032
Coca-Cola
Co.
(The)
500
26,355
Colgate-Palmolive
Co.#
1,400
110,362
Constellation
Brands,
Inc.,
Class A#
500
114,000
Costco
Wholesale
Corp.#
400
140,992
General
Mills,
Inc.#
800
49,056
J
M
Smucker
Co.
(The)
400
50,612
Kimberly-Clark
Corp.#
600
83,430
Kroger
Co.
(The)#
800
28,792
Mondelez
International,
Inc.,
Class A#
900
52,677
PepsiCo,
Inc.#
900
127,305
Procter
&
Gamble
Co.
(The)
600
81,258
Walmart,
Inc.#
400
54,332
1,277,354
Industry
Company
Shares
Value
Energy
-
1.29%
Chevron
Corp.#
678
$
71,048
ConocoPhillips
887
46,984
EOG
Resources,
Inc.
500
36,265
Exxon
Mobil
Corp.
1,500
83,745
Marathon
Petroleum
Corp.#
1,700
90,933
Phillips
66
593
48,353
Valero
Energy
Corp.
400
28,640
405,968
Financials
-
5.52%
Allstate
Corp.
(The)
300
34,470
American
Express
Co.
300
42,432
Aon
PLC,
Class A
300
69,033
Bank
of
America
Corp.#
700
27,083
Berkshire
Hathaway,
Inc.,
Class B*#
500
127,735
BlackRock,
Inc.
200
150,792
Capital
One
Financial
Corp.
200
25,446
Charles
Schwab
Corp.
(The)
800
52,144
Chubb,
Ltd.
461
72,824
Citigroup,
Inc.#
810
58,928
Comerica,
Inc.
300
21,522
Goldman
Sachs
Group,
Inc.
(The)#
200
65,400
Huntington
Bancshares,
Inc.
3,200
50,304
JPMorgan
Chase
&
Co.#
1,000
152,230
KeyCorp.
3,300
65,934
Marsh
&
McLennan
Cos.,
Inc.
400
48,720
Morgan
Stanley#
800
62,128
PNC
Financial
Services
Group,
Inc.
(The)
500
87,705
Progressive
Corp.
(The)
1,220
116,644
S&P
Global,
Inc.
500
176,435
T
Rowe
Price
Group,
Inc.
200
34,320
Truist
Financial
Corp.
300
17,496
U.S.
Bancorp#
1,900
105,089
Wells
Fargo
&
Co.#
1,871
73,100
1,737,914
Health
Care
-
11.19%
Abbott
Laboratories#
1,000
119,840
AbbVie,
Inc.#
1,859
201,181
Amgen,
Inc.#
500
124,405
Anthem,
Inc.
300
107,685
Baxter
International,
Inc.#
4,300
362,662
Becton
Dickinson
&
Co.
273
66,380
Managed
Volatility
Fund
Schedule
of
Investments
(Unaudited)
(continued)
2
Showing
percentage
of
net
assets
as
of
March
31,
2021
Quarterly
Report
|
March
31,
2021
(Unaudited)
Industry
Company
Shares
Value
Common
Stocks
(continued)
Health
Care
(continued)
Biogen,
Inc.*#
800
$
223,800
Bristol-Myers
Squibb
Co.#
3,979
251,194
Cigna
Corp.
299
72,280
CVS
Health
Corp.
400
30,092
Danaher
Corp.
200
45,016
DaVita,
Inc.*#
700
75,439
Dexcom,
Inc.*#
800
287,512
Gilead
Sciences,
Inc.
400
25,852
Johnson
&
Johnson#
500
82,175
Medtronic
PLC
400
47,252
Merck
&
Co.,
Inc.#
1,700
131,053
PerkinElmer,
Inc.#
2,300
295,067
Pfizer,
Inc.
1,700
61,591
Regeneron
Pharmaceuticals,
Inc.*#
200
94,628
Stryker
Corp.
160
38,973
Thermo
Fisher
Scientific,
Inc.#
900
410,742
UnitedHealth
Group,
Inc.#
1,000
372,070
3,526,889
Industrials
-
4.27%
3M
Co.#
500
96,340
Boeing
Co.
(The)*
300
76,416
Carrier
Global
Corp.
540
22,799
Emerson
Electric
Co.
400
36,088
FedEx
Corp.#
600
170,424
Honeywell
International,
Inc.#
600
130,242
Ingersoll
Rand,
Inc.*
176
8,661
Johnson
Controls
International
PLC
454
27,090
L3Harris
Technologies,
Inc.
200
40,536
Lockheed
Martin
Corp.
270
99,765
Northrop
Grumman
Corp.#
700
226,548
Otis
Worldwide
Corp.
270
18,481
Raytheon
Technologies
Corp.#
1,240
95,815
Republic
Services,
Inc.
300
29,805
Southwest
Airlines
Co.*#
1,400
85,484
Trane
Technologies
PLC
200
33,112
Union
Pacific
Corp.
300
66,123
United
Parcel
Service,
Inc.,
Class B
100
16,999
Waste
Management,
Inc.#
500
64,510
1,345,238
Information
Technology
-
17.24%
Adobe,
Inc.*#
1,400
665,518
Industry
Company
Shares
Value
Information
Technology
(continued)
Advanced
Micro
Devices,
Inc.*#
3,500
$
274,750
Akamai
Technologies,
Inc.*#
1,500
152,850
Apple,
Inc.#
7,100
867,265
Applied
Materials,
Inc.#
1,100
146,960
Cisco
Systems,
Inc.#
3,000
155,130
Citrix
Systems,
Inc.
500
70,180
Cognizant
Technology
Solutions
Corp.,
Class A#
700
54,684
HP,
Inc.
2,000
63,500
Intel
Corp.#
2,700
172,800
International
Business
Machines
Corp.
200
26,652
Intuit,
Inc.
200
76,612
Juniper
Networks,
Inc.
1,900
48,127
Mastercard,
Inc.,
Class A#
800
284,840
Micron
Technology,
Inc.*#
2,100
185,241
Microsoft
Corp.#
2,800
660,156
NortonLifeLock,
Inc.
1,100
23,386
NVIDIA
Corp.#
600
320,358
Oracle
Corp.#
860
60,346
PayPal
Holdings,
Inc.*#
1,100
267,124
QUALCOMM,
Inc.#
1,800
238,662
salesforce.com,
Inc.*#
1,900
402,553
Texas
Instruments,
Inc.
470
88,826
Visa,
Inc.,
Class A#
600
127,038
5,433,558
Materials
-
1.33%
Corteva,
Inc.
1,033
48,159
Dow,
Inc.
533
34,080
DuPont
de
Nemours,
Inc.#
933
72,102
Ecolab,
Inc.
500
107,035
Linde
PLC
300
84,042
Sherwin-Williams
Co.
(The)
100
73,801
419,219
Real
Estate
-
2.03%
American
Tower
Corp.
300
71,718
Crown
Castle
International
Corp.#
2,500
430,325
Equinix,
Inc.
100
67,959
Public
Storage
100
24,676
Simon
Property
Group,
Inc.
400
45,508
640,186
Managed
Volatility
Fund
Schedule
of
Investments
(Unaudited)
(continued)
3
Showing
percentage
of
net
assets
as
of
March
31,
2021
bridgewayfunds.com
Industry
Company
Shares
Value
Common
Stocks
(continued)
Utilities
-
1.29%
American
Electric
Power
Co.,
Inc.
400
$
33,880
Dominion
Energy,
Inc.
420
31,903
Duke
Energy
Corp.
383
36,971
NextEra
Energy,
Inc.
2,400
181,464
Public
Service
Enterprise
Group,
Inc.
900
54,189
Sempra
Energy
500
66,290
404,697
TOTAL
COMMON
STOCKS
-
61.43%
19,357,124
(Cost
$10,422,898)
Due
Date
Discount
Rate
or
Coupon
Rate
Principal
Amount
Value
.
U.S.
Government
Obligations
-
34.91%
U.S.
Treasury
Bills
-
34.91%
04/08/2021
0.000%
(a)
$
2,000,000
1,999,997
04/22/2021
0.000%
(a)
1,000,000
999,993
05/27/2021
0.000%
(a)
4,000,000
3,999,907
06/24/2021
0.000%
(a)
4,000,000
3,999,883
TOTAL
U.S.
GOVERNMENT
OBLIGATIONS
-
34.91%
10,999,780
(Cost
$10,999,589)
^
Rate^
B
Shares
B
Value
.
Money
Market
Fund
-
4.50%
Fidelity
Investments
Money
Market
Government
Portfolio
Class
I
0.01%
1,417,535
$
1,417,535
TOTAL
MONEY
MARKET
FUND
-
4.50%
1,417,535
(Cost
$1,417,535)
TOTAL
INVESTMENTS
BEFORE
OPTIONS
WRITTEN
-
100.84%
31,774,439
(Cost
$22,840,022
)
WRITTEN
OPTIONS
-
(2.08%)
TOTAL
WRITTEN
OPTIONS
-
(2.08%)
$
(653,643)
(Premiums
Received
$(738,581))
TOTAL
INVESTMENTS
-
98.76%
$
31,120,796
(Cost
$22,101,441)
Other
Assets
in
Excess
of
Liabilities
-
1.24%
389,598
NET
ASSETS
-
100.00%
$
31,510,394
*
Non-income
producing
security.
#
Security
subject
to
call
or
put
option
written
by
the
Fund.
(a)
Rate
represents
the
effective
yield
at
purchase.
^
Rate
disclosed
as
of
March
31,
2021.
PLC
-
Public
Limited
Company
Managed
Volatility
Fund
Schedule
of
Investments
(Unaudited)
(continued)
4
Showing
percentage
of
net
assets
as
of
March
31,
2021
Quarterly
Report
|
March
31,
2021
(Unaudited)
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Value
.
Exchange
Traded
Put
Options
Written
-
(0.77%)
Ally
Financial,
Inc.
10
$
(45,210)
$
40.00
06/18/21
$
(1,300)
Applied
Materials,
Inc.
30
(400,800)
110.00
04/16/21
(720)
Bank
of
America
Corp.
90
(348,210)
36.00
06/18/21
(9,540)
Caterpillar,
Inc.
17
(394,179)
195.00
05/21/21
(2,992)
Chegg,
Inc.
15
(109,245)
90.00
07/16/21
(17,295)
Costco
Wholesale
Corp.
9
(317,232)
345.00
04/16/21
(2,034)
Five9,
Inc.
15
(198,570)
165.00
07/16/21
(30,150)
Generac
Holdings,
Inc.
10
(327,450)
330.00
05/21/21
(24,400)
Goldman
Sachs
Group,
Inc.
(The)
10
(327,000)
330.00
06/18/21
(19,250)
Invesco,
Ltd.
20
(50,440)
19.00
04/16/21
(700)
Kroger
Co.
(The)
20
(71,980)
31.00
04/16/21
(60)
Lennar
Corp.,
Class
A
35
(354,305)
85.00
05/21/21
(3,850)
Lumen
Technologies,
Inc.
170
(226,950)
12.50
05/21/21
(9,350)
Merck
&
Co.,
Inc.
45
(346,905)
75.00
06/18/21
(9,225)
QUALCOMM,
Inc.
25
(331,475)
140.00
04/16/21
(19,875)
Teradyne,
Inc.
10
(121,680)
130.00
04/16/21
(12,630)
Travelers
Cos.,
Inc.
(The)
22
(284,108)
150.00
07/16/21
(19,140)
Trex
Co.,
Inc.
5
(45,770)
95.00
07/16/21
(5,450)
Walmart,
Inc.
25
(339,575)
135.00
06/18/21
(12,450)
Wells
Fargo
&
Co.
55
(214,885)
30.00
04/16/21
(110)
Zendesk,
Inc.
19
(251,978)
135.00
07/16/21
(24,320)
Zscaler,
Inc.
10
(140,000)
180.00
05/21/21
(16,950)
Total
Exchange
Traded
Put
Options
Written
(Premiums
Received
$(308,379))
$
(241,791)
Managed
Volatility
Fund
Schedule
of
Investments
(Unaudited)
(continued)
5
Showing
percentage
of
net
assets
as
of
March
31,
2021
bridgewayfunds.com
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Value
.
Exchange
Traded
Call
Options
Written
-
(1.31%)
3M
Co.
2
$
(38,536)
$
185.00
04/16/21
$
(1,700)
Abbott
Laboratories
3
(35,952)
130.00
05/21/21
(267)
AbbVie,
Inc.
5
(54,110)
110.00
07/16/21
(2,150)
Adobe,
Inc.
6
(285,222)
475.00
06/18/21
(16,620)
Adobe,
Inc.
3
(142,611)
475.00
04/16/21
(3,378)
Advanced
Micro
Devices,
Inc.
35
(274,750)
82.50
06/18/21
(14,420)
Akamai
Technologies,
Inc.
15
(152,850)
100.00
06/18/21
(9,975)
Amazon.com,
Inc.
1
(309,408)
3120.00
07/16/21
(18,739)
Amgen,
Inc.
2
(49,762)
240.00
04/16/21
(2,400)
Apple,
Inc.
24
(293,160)
125.00
06/18/21
(13,560)
Applied
Materials,
Inc.
4
(53,440)
100.00
04/16/21
(13,420)
AT&T,
Inc.
9
(27,243)
30.00
04/16/21
(423)
Bank
of
America
Corp.
3
(11,607)
37.00
06/18/21
(960)
Baxter
International,
Inc.
40
(337,360)
80.00
05/21/21
(27,000)
Berkshire
Hathaway,
Inc.,
Class
B
3
(76,641)
265.00
06/18/21
(1,410)
Biogen,
Inc.
4
(111,900)
275.00
07/16/21
(16,560)
Biogen,
Inc.
2
(55,950)
285.00
04/16/21
(1,580)
Bristol-Myers
Squibb
Co.
24
(151,512)
65.00
06/18/21
(4,272)
Bristol-Myers
Squibb
Co.
5
(31,565)
62.50
06/18/21
(1,485)
Campbell
Soup
Co.
4
(20,108)
48.00
05/21/21
(1,160)
Chevron
Corp.
2
(20,958)
115.00
06/18/21
(372)
Cisco
Systems,
Inc.
10
(51,710)
50.00
06/18/21
(3,200)
Citigroup,
Inc.
3
(21,825)
75.00
06/18/21
(1,020)
Clorox
Co.
(The)
14
(270,032)
190.00
04/16/21
(8,260)
Cognizant
Technology
Solutions
Corp.,
Class
A
3
(23,436)
80.00
07/16/21
(1,170)
Colgate-Palmolive
Co.
10
(78,830)
80.00
05/21/21
(1,520)
Comcast
Corp.,
Class
A
2
(10,822)
60.00
07/16/21
(140)
Constellation
Brands,
Inc.,
Class
A
2
(45,600)
230.00
04/16/21
(1,340)
Costco
Wholesale
Corp.
2
(70,496)
335.00
07/16/21
(5,644)
Crown
Castle
International
Corp.
20
(344,260)
160.00
04/16/21
(23,780)
Crown
Castle
International
Corp.
2
(34,426)
155.00
04/16/21
(3,940)
DaVita,
Inc.
3
(32,331)
125.00
04/16/21
(75)
Dexcom,
Inc.
8
(287,512)
360.00
06/18/21
(23,200)
DuPont
de
Nemours,
Inc.
3
(23,184)
82.50
04/16/21
(90)
eBay,
Inc.
2
(12,248)
65.00
05/21/21
(344)
Facebook,
Inc.,
Class
A
4
(117,812)
295.00
06/18/21
(7,560)
FedEx
Corp.
3
(85,212)
260.00
04/16/21
(7,554)
General
Mills,
Inc.
3
(18,396)
57.50
04/16/21
(1,290)
Honeywell
International,
Inc.
3
(65,121)
220.00
06/18/21
(2,355)
Intel
Corp.
8
(51,200)
62.50
04/16/21
(1,952)
Johnson
&
Johnson
2
(32,870)
165.00
05/21/21
(826)
JPMorgan
Chase
&
Co.
4
(60,892)
160.00
06/18/21
(1,700)
Kimberly-Clark
Corp.
3
(41,715)
135.00
04/16/21
(1,440)
Kroger
Co.
(The)
3
(10,797)
33.00
04/16/21
(960)
Lowe's
Cos.,
Inc.
20
(380,360)
180.00
07/16/21
(35,000)
Marathon
Petroleum
Corp.
5
(26,745)
47.50
04/16/21
(3,120)
Mastercard,
Inc.,
Class
A
3
(106,815)
390.00
07/16/21
(2,610)
Managed
Volatility
Fund
Schedule
of
Investments
(Unaudited)
(continued)
6
Showing
percentage
of
net
assets
as
of
March
31,
2021
Quarterly
Report
|
March
31,
2021
(Unaudited)
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Value
Exchange
Traded
Call
Options
Written
(continued)
Merck
&
Co.,
Inc.
5
$
(38,545)
$
85.00
04/16/21
$
(25)
Micron
Technology,
Inc.
12
(105,852)
85.00
04/16/21
(6,300)
Microsoft
Corp.
10
(235,770)
250.00
04/16/21
(660)
Mondelez
International,
Inc.,
Class
A
4
(23,412)
57.50
06/18/21
(1,060)
Morgan
Stanley
4
(31,064)
85.00
07/16/21
(960)
NIKE,
Inc.,
Class
B
3
(39,867)
150.00
04/16/21
(39)
Northrop
Grumman
Corp.
3
(97,092)
300.00
04/16/21
(8,130)
NVIDIA
Corp.
6
(320,358)
530.00
06/18/21
(23,772)
Omnicom
Group,
Inc.
3
(22,245)
77.50
07/16/21
(930)
Oracle
Corp.
3
(21,051)
67.50
06/18/21
(1,389)
PayPal
Holdings,
Inc.
4
(97,136)
260.00
07/16/21
(4,820)
PepsiCo,
Inc.
3
(42,435)
135.00
07/16/21
(2,988)
PerkinElmer,
Inc.
23
(295,067)
130.00
06/18/21
(16,330)
QUALCOMM,
Inc.
8
(106,072)
135.00
07/16/21
(6,520)
Raytheon
Technologies
Corp.
4
(30,908)
75.00
05/21/21
(1,820)
Regeneron
Pharmaceuticals,
Inc.
2
(94,628)
485.00
05/21/21
(3,654)
salesforce.com,
Inc.
12
(254,244)
250.00
06/18/21
(2,784)
salesforce.com,
Inc.
3
(63,561)
220.00
07/16/21
(3,105)
Southwest
Airlines
Co.
4
(24,424)
60.00
06/18/21
(1,960)
Thermo
Fisher
Scientific,
Inc.
4
(182,552)
460.00
06/18/21
(8,520)
Thermo
Fisher
Scientific,
Inc.
2
(91,276)
470.00
06/18/21
(3,576)
U.S.
Bancorp
6
(33,186)
55.00
06/18/21
(2,010)
UnitedHealth
Group,
Inc.
3
(111,621)
360.00
06/18/21
(7,680)
Verizon
Communications,
Inc.
58
(337,270)
57.50
04/16/21
(6,090)
Visa,
Inc.,
Class
A
3
(63,519)
230.00
06/18/21
(897)
Walt
Disney
Co.
(The)
3
(55,356)
200.00
07/16/21
(1,890)
Waste
Management,
Inc.
2
(25,804)
120.00
04/16/21
(2,002)
Total
Exchange
Traded
Call
Options
Written
(Premiums
Received
$(430,202))
$
(411,852)
Managed
Volatility
Fund
Schedule
of
Investments
(Unaudited)
(continued)
7
Showing
percentage
of
net
assets
as
of
March
31,
2021
bridgewayfunds.com
Summary
of
inputs
used
to
value
the
Fund’s
investments
as
of
3/31/2021
:
Assets
Table
Valuation
Inputs
Investment
in
Securities
(Value)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Common
Stocks
(a)
$
19,357,124
$
–
$
–
$
19,357,124
U.S.
Government
Obligations
–
10,999,780
–
10,999,780
Money
Market
Fund
–
1,417,535
–
1,417,535
TOTAL
$19,357,124
$12,417,315
$–
$31,774,439
Liabilities
Table
Valuation
Inputs
Investment
in
Securities
(Value)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Options
Written
$
(542,668)
$
(110,975)
$
–
$
(653,643)
TOTAL
$(542,668)
$(110,975)
$–
$(653,643)
(a)
-
Please
refer
to
the
Schedule
of
Investments
for
the
industry
classifications
of
these
portfolio
holdings.